The U.S. Bankruptcy Court approved Grandparents.com’s emergency motion for bidding procedures, form and manner of sale notices and scheduling sale hearing date.
As previously reported, “Subject to Court approval, the Debtors have entered into an asset purchase agreement (the ‘APA’) dated as of April 14, 2017 between the Debtors as sellers and VB Funding, as buyer (the ‘Stalking Horse’ or ‘Stalking Horse Bidder’), providing for the Debtors to sell and the Stalking Horse to purchase the assets, the ‘Purchased Assets’ for a credit bid of $2,000,000. Further, the Stalking Horse should have a valid, unavoidable first position security interest ($9,827,621.96) in all of the Debtors’ assets and has the absolute right to Credit Bid. ”
In addition, “The Debtors respectfully request that the Court approve expedited bidding procedures at a preliminary hearing no later than April 24, 2017 in connection with the sale of the assets. The bid deadline shall be May 31, 2017. The Auction shall take place at June 2, 2017. A Final Sale hearing shall be conducted by the Court on June 2, 2017.”
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